LIC sells shares worth Rs 6,300 cr in Sensex cos

State-owned life insurer LIC lowered its exposure in 15 blue-chip firms during the January- March quarter with sale of sharesNew Delhi: State-owned life insurer LIC lowered its exposure in 15 blue-chip firms during the January- March quarter with sale of shares that are currently worth over Rs 6,300 crore.

At the same time, LIC increased stake in 12 Sensex firms by purchasing shares worth over Rs 13,000 crore, as per the shareholding pattern of 30-bluechip companies on the BSE.

In two companies – Tata Steel and Tata Power – LIC’s stake remained unchanged during the quarter. It has not held any stake in Hindustan Unilever in the past few quarters.

LIC holds 17 per cent stake in Larsen & Toubro, the highest it has among the Sensex firms.

At current share prices, LIC offloaded shares worth Rs 6,313 crore in 15 Sensex constituents. At the same time, the insurance giant picked up scrips worth Rs 13,357 crore in 12 blue-chip companies.

The sell-off by the Life Insurance Corporation of India coincided with a surge of 5.74 per cent in BSE’s benchmark index Sensex during the January-March quarter.